#137 - 7 scenarios where it might be beneficial to do Roth conversions

Retirement Planning Education, with Andy Panko

Andy Panko

Annuities, Taxes, Ira, Retirement Planning, Social Security, Roth Ira, 401k, Pension, Investing, Financial Planning, Roth Conversion, Tax Planning, Education

2.4 • 671 Ratings

🗓️ 6 February 2025

⏱️ 53 minutes

🔗️ Recording | iTunes | RSS

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Summary

Andy discussed seven common scenarios where it might be beneficial to do Roth conversions: You know your income now is much lower than it will be in the futureYou're married (and may eventually be single)You have large pre-tax accountsYour eventual heirs are likely to be in higher tax situations than you currently areYour plan on moving to a state that will have higher income taxes than your current stateYou're convinced tax rates will increase markedly in the futureYou want greater tax "dive...

Transcript

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0:00.0	We got a hot one today. I'm going to walk through seven scenarios where it might be of benefit
0:04.3	for you to consider doing Roth conversions in this, the 137th episode of the Retirement Planning
0:09.0	Education Podcast.
0:14.1	Welcome to the Retirement Planning Education Podcast, where you can learn all about
0:18.4	IRAs and Roth IRAs, employer retirement plans, taxes, social
0:22.7	security, Medicare, portfolio withdrawal strategies, annuities, estate planning, and much more.
0:28.8	And now here's your host, Andy Panko.
0:31.7	Hello, everyone. Welcome back. Thank you, as always, for listening. Today I'm going to talk, I can't believe I didn't
0:38.4	talk about this prior. This is such a commonly asked thing that I think about and talk about all
0:44.2	the time in my business. I don't know why I didn't dedicate an episode to it, but I'm going to be
0:49.0	talking about when Roth conversions can make sense. Or to put it another way, in what types of scenarios and
0:56.1	situations could someone potentially benefit from doing Roth conversions? Now, you'll hear as I get
1:03.4	going into this, why I'm talking with all these sort of noncommittal phrases like could, potentially,
1:10.1	and maybe and whatever, because that's
1:12.2	how I truly feel about Roth conversions that the ultimate value or savings or optimization
1:18.3	to potentially be realized is only going to be known after the fact. Maybe you'll get some good
1:25.5	benefit from it. Maybe you won't. Maybe it can actually work backwards against you.
1:28.8	You can't know without the benefit of hindsight.
1:31.6	But I will discuss scenarios where it's more likely than not that you are likely,
1:38.0	hopefully going to experience some long-term benefit,
1:41.3	aka tax savings from doing Ross conversions.
1:45.4	Before we get into it,
	...

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